Julie Jolley
About Julie Jolley
Julie D. Jolley (age 53) is Executive Vice President of Home Health at Enhabit (EHAB), a role she has held since May 2019. She joined Enhabit in 2000, previously serving as Regional Vice President and Regional President, and is a registered nurse with a BSN from Chamberlain University . As context for performance alignment: since Enhabit’s listing (July 1, 2022), company TSR declined to a $34.34 value on a $100 initial investment by year-end 2024, while Adjusted EBITDA improved 2.6% year over year in 2024 to $100.1 million on $1,034.8 million of revenue .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Enhabit, Inc. | Executive Vice President, Home Health | 2019–present | Leads Home Health segment execution and payer-transition strategy . |
| Enhabit, Inc. | Regional President; Regional Vice President (prior roles) | 2000–2019 | Scaled operations across regions, drove growth and quality metrics . |
| Various (RN practice) | Registered Nurse | pre-2000 | Clinical foundation across multiple care settings . |
External Roles
- Not disclosed for Ms. Jolley in the proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 382,491 | 390,000 | 390,000 |
| Bonus ($) | 152,495 | — | — |
| All Other Compensation ($) | 2,288 | 2,475 | 2,588 |
| Total Fixed Cash ($) | 537,274 | 392,475 | 392,588 |
Notes:
- Base salaries did not increase in 2023 or 2024 for NEOs .
Performance Compensation
Annual Incentive (SMBP) – 2024 Design and Outcomes
| Component | Weight | Target | Actual | Payout |
|---|---|---|---|---|
| Adjusted EBITDA | 80% | Company target (undisclosed) | Below threshold ($100.1m actual) | 0% |
| Quality Scorecard (4 sub-metrics) | 20% | 100% | Achieved 200% but capped at 150% (qualifier) | 150% (pre-discretion) |
| Committee Negative Discretion | n/a | n/a | n/a | -5 pts to overall payout |
| Final SMBP Payout | 100% | — | — | 25% of target |
Individual payout for Julie Jolley (paid in fully vested shares with a 1-year holding requirement):
- Target annual incentive: $273,000 (70% of $390,000 base) .
- Earned: $68,250 (25% of target) and 8,510 shares issued in early 2025 .
Long-Term Incentives (LTI) – 2024 Grants
- Mix: 60% PSUs (FCFPS and rTSR metrics), 40% RSUs .
- Grant date: March 1, 2024 (unless otherwise noted) .
| Award Type | Metric/Terms | Shares/Units | Grant-Date Fair Value ($) |
|---|---|---|---|
| PSUs (2024 tranche) | 3-year performance (2024–2026); metrics: Adjusted FCFPS (avg of 3 annual goals) and rTSR vs S&P Health Care Services Select Industry Index; settled after period | 12,700 target | 128,815 |
| PSUs (2023 tranche, granted 2024 for rTSR/FCFPS components) | Remaining tranches toward 2023–2025 plan; settled after period | 5,099 target | 44,922 |
| RSUs (time-based) | 1/3 annually over 3 years from grant date | 18,144 | 159,849 |
2025 plan calibration changes (signal for future alignment): added Revenue Growth to SMBP (now 80% financial, 10% quality, 10% people), set payout caps tied to Adjusted EBITDA, and increased PSU rTSR weighting to 40% with a refined FCFPS structure .
Equity Ownership & Alignment
- Beneficial ownership (as of April 22, 2025): 92,259 shares; <1% of class (≈0.18% on 50,637,417 shares outstanding) .
- Unvested RSUs at 12/31/2024: 46,004 units; market value $359,291 at $7.81 .
- Unearned PSUs at target (details): 3,824 (2023 rTSR), 15,295 (2023 FCFPS), 5,443 (2024 rTSR), 21,772 (2024 FCFPS); market values per footnote at $7.81 .
- RSU vesting schedule (potential selling pressure dates):
Vest Date Shares 1/1/2025 8,718 3/1/2025 10,297 3/1/2026 10,297 3/1/2027 6,048 - Options: None disclosed for Ms. Jolley (no option rows in outstanding awards table) .
- Ownership guidelines: Other NEOs required to hold equity equal to 1.5x base salary; five-year compliance window; NEOs currently satisfy or are within grace period .
- Hedging/pledging: Prohibited .
Employment Terms
- Current role start date: May 2019; at Enhabit since 2000; age 53 .
- Severance (Without Cause/Good Reason, no CIC): cash $682,500 (1.75x base salary); health benefits $7,671 (12 months); pro rata/accelerated equity per plan .
- CIC (double-trigger): cash $958,838 (1.75x base + 3-yr avg bonus); health $7,671; broader equity acceleration provisions as applicable .
- Restrictive covenants: receipt of severance conditioned on nonsolicitation, noncompete, nondisclosure, and nondisparagement agreements .
- Clawback: Dodd-Frank compliant plus supplemental policy enabling recoupment in misconduct cases and reimbursement of incentive comp (time- and performance-based) .
- Tax gross-ups: None on change-in-control termination payments .
Multi-Year Compensation (Julie Jolley)
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 382,491 | 811,574 | 105,378 | 2,288 | 1,454,226 |
| 2023 | 390,000 | 368,567 | 143,325 | 2,475 | 904,367 |
| 2024 | 390,000 | 333,586 | 68,250 | 2,588 | 794,424 |
Company Performance Context (for pay-for-performance)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($mm) | 1,034.8 (consolidated) — see also S&P values below | 1,034.8 |
| Adjusted EBITDA ($mm) | 97.6 | 100.1 (up 2.6% YoY) |
| TSR (value of $100 since 7/1/2022) | $45.51 (2023) | $34.34 (2024) |
Additional S&P Global standardized financials:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($mm) | 1,046.3* | 1,034.8* |
| EBITDA ($mm) | 69.1* | 78.1* |
| *Values retrieved from S&P Global. |
2024 operational highlights: payer mix transition (48% of non-Medicare visits in Payer Innovation by year-end), stabilized Medicare FFS admissions, steady hospice census growth, and six de novo locations opened; quality measures significantly above national benchmarks . 2024 SMBP paid 25% of target based on results and committee discretion .
Compensation Structure Analysis
- Mix shift and risk: For 2024, other NEOs’ target pay was ~49% performance-based and 40% long-term, with PSUs at 24% of target TDC and RSUs 16% (CEO mix higher) . Majority of LTI is performance-based PSUs; no perquisites; strict clawbacks; no hedging/pledging .
- Metric rigor and changes: 2025 SMBP adds Revenue Growth and a People metric, with payout caps tied to Adjusted EBITDA, indicating heightened financial discipline; PSU rTSR weighting increased to 40% to strengthen shareholder alignment .
- Realized pay alignment: SMBP at 25% and a depressed TSR underscore downside sensitivity; CAP vs performance disclosed in PVP shows alignment trends (PEO/NEO CAP tracking TSR/Adjusted EBITDA) .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: >88% support, reflecting investor acceptance of program design amidst ongoing refinement post-spin .
- Ongoing engagement: Management engaged with institutional holders representing >20% of shares in late 2024/early 2025 to gather feedback on compensation, governance, and disclosure .
Risk Indicators & Red Flags
- Equity and trading: No pledging/hedging allowed (mitigates alignment risk) . Scheduled RSU vestings present periodic supply that could create near-term selling pressure, though awards are time-based and not options .
- CIC economics: Double-trigger standard, no tax gross-ups; mitigates shareholder-unfriendly optics .
- Clawbacks: Robust policy including misconduct recoupment beyond restatements .
Equity Ownership & Alignment (Detail)
| Item | Value |
|---|---|
| Shares beneficially owned | 92,259 |
| % of outstanding | ≈0.18% (92,259 / 50,637,417) |
| Unvested RSUs (12/31/24) | 46,004; $359,291 market value at $7.81 |
| Unearned PSUs at target (components) | 3,824 (2023 rTSR); 15,295 (2023 FCFPS); 5,443 (2024 rTSR); 21,772 (2024 FCFPS) |
| Options | None disclosed for Ms. Jolley |
| Ownership guideline | 1.5x salary (5-year compliance window); NEOs meet or are within grace |
| Hedging/pledging | Prohibited |
Employment Terms (Detail)
| Scenario (as of 12/31/24) | Cash Severance | Benefits | Equity Treatment |
|---|---|---|---|
| Termination w/o Cause or for Good Reason (no CIC) | $682,500 (1.75x base) | $7,671 (12 months) | Per plan (prorata/acceleration provisions) |
| Termination w/o Cause or for Good Reason (in connection with CIC, double-trigger) | $958,838 (1.75x base + 3-yr avg bonus) | $7,671 | Broader acceleration provisions; double-trigger policy |
| Death/Disability | — | — | Full vesting of unvested awards (excl. options/SARs) |
Investment Implications
- Alignment and discipline: Low 2024 SMBP payout (25%) and increased rTSR weighting for 2025 PSUs indicate a tightening link between pay and both cash generation and market-relative performance—supportive for shareholders if execution improves .
- Near-term supply from vesting: Staggered RSU vesting through 2027 may create episodic selling pressure; absence of options reduces overhang volatility .
- Retention and continuity: Severance and CIC terms (1.75x multiple; double-trigger) plus strong clawback and anti-hedging/pledging policies balance retention with shareholder protections, limiting windfall risk .
- Execution risk: While quality metrics are strong, TSR deterioration and below-threshold 2024 EBITDA underscore ongoing turnaround risk; 2025 incentive recalibration focuses management on revenue growth and EBITDA leverage, which are critical to re-rating .